Inflation and Monetary Policy in the Twentieth Century
Lawrence J. Christiano
Northwestern University; Federal Reserve Bank of Cleveland; Federal Reserve Bank of Chicago; Federal Reserve Bank of Minneapolis; National Bureau of Economic Research (NBER)
Terry J. Fitzgerald
Organization for Economic Co-Operation and Development (OECD)
Economic Perspectives, First Quarter, 2003
We characterize the change in the nature of the money growth-inflation and unemployment-inflation relationships between the first and second halves of the 20th century. The changes are substantial, and we discuss some of the implications for modeling inflation dynamics. We stress the implications for models of inflation which say that bad inflation outcomes are the consequence of poorly designed monetary policy institutions.
Number of Pages in PDF File: 24
JEL Classification: E3, E5
Date posted: March 11, 2003
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